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Poppy's Book Income of $739,300 Includes a Net Long-Term Capital

Question 73

Multiple Choice

Poppy's book income of $739,300 includes a net long-term capital loss of $42,000 and federal income tax expense of $170,000. Based only on these items, Poppy's taxable income is:


A) $739,300
B) $951,300
C) $909,300
D) $781,300

Correct Answer:

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